ALBANY, NY, Jan 05, 2017: The global virtual reality in gaming market will exhibit a tremendous 84% CAGR over the period between 2016 and 2024. The report is titled “Global Virtual Reality in Gaming Market 2016-2020.” The key factors expected to grant such excellent growth prospects to the market include the rising awareness regarding the virtual reality technology, the increased usage of virtual reality-based applications in smartphones, and the increased adoption of the technology across several industries.

The report examines the global virtual reality in gaming market by segmenting it on the basis of three board criteria: components, compatibility, and geography.

On the basis of components, the virtual reality in gaming market is segmented into hardware and software. Of these, the segment of software is expected to gain the dominant position by the end of the forecast period. The hardware segment presently dominates, accounting for a massive chunk in the revenue of the global virtual reality in gaming market. However, the rising awareness among consumers regarding the ways in which advanced virtual reality software applications can enrich the area of gaming will lead to the increased sales of virtual reality games, driving the market for virtual reality software solutions.

On the basis of compatibility, the global virtual reality in gaming market is segmented into gaming consoles, mobile devices, and personal computers (PCs). Of these, the segment of personal computers accounted for the dominant share in the global virtual reality in gaming market in 2015. PC-based games incorporated with virtual reality provide enriched experience to the users by allowing players to interact, control actions, and experience the virtual digital world with the help of virtual controllers. The report states that the segment will retain its dominant stance throughout the forecast period.

On the basis of geography, the virtual reality in gaming market in the Americas will emerge as the region contributing the dominant chunk of revenues to the global market over the report’s forecast period. North America was the leading contributor to the Americas market in 2015, where the increased sales of gaming consoles and tablet computers remained the key growth driver. In the next few years, growth of the Americas market for virtual reality in gaming will be fueled due to the increased adoption of virtual reality technology by leading technology companies such as Microsoft and Sony and the presence of companies such as Google and Apple, which have a massive user base in the mobile gaming area.

Some of the leading vendors operating in the global virtual reality in gaming market are Oculus VR, Fove, Samsung, Google, Sony, Razer, Zeiss International, and HTC.